In this episode of the Remarkable Retail podcast, hosts Michael LeBlanc and Steve Dennis welcome XRC Ventures' Managing Director Pano Anthos, for a deep dive into the future of retail innovation, investment strategies, and overcoming the systemic challenges that keep great technology from scaling.

Pano shares his journey from serial entrepreneur to leading a venture fund focused on pre-seed and seed-stage investments at the intersection of retail, consumer behavior, and technology. With over 150 investments since 2015, XRC Ventures targets transformative sectors including retail media networks, the consumerization of healthcare, commerce enablement, and new distribution channels. Pano highlights examples of groundbreaking innovations—from AI-driven financial automation to diagnostics that detect autism in under two hours—that are redefining operational efficiency and customer impact.

A major focus of the conversation is retail’s organizational dysfunction, where siloed leadership and competing P&Ls create “warring tribes” that hinder adoption of transformative solutions. Pano argues that true progress requires structural change—appointing an operational leader with end-to-end responsibility for traffic and sales across all channels.

The discussion also explores the promise of retail media, particularly in-store applications with untapped margin potential, and spatial intelligence, which can bring the precision of e-commerce analytics into physical stores. Pano shares candid insights on startup strategy, stressing that early-stage companies must demonstrate material ROI—significant EBITDA or revenue growth—to make it into a retailer’s short list of investment priorities.

About Us

Steve Dennis is a strategic advisor and keynote speaker focused on growth and innovation, who has also been named one of the world's top retail influencers. He is the bestselling author of two books: Leaders Leap: Transforming Your Company at the Speed of Disruption and Remarkable Retail: How To Win & Keep Customers in the Age of Disruption. Steve regularly shares his insights in his role as a Forbes senior retail contributor and on social media.

Michael LeBlanc is a senior retail advisor, keynote speaker and media entrepreneur. Michael has delivered keynotes, hosted fire-side discussions hosted senior retail executive on-stage in 1:1 interviews worldwide. Michael produces and hosts a network of leading retail trade podcasts, including The Remarkable Retail Podcast, The Voice of Retail The Food Professor, The FEED powered by Loblaw and the Global eCommerce Leaders podcast. He has been recognized by the NRF as a global Top Retail Voice for 2025 and 2025 and continues to be a ReThink Retail Top Retail Expert for the fifth year in a row.

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